Personal Finance

Give me a reason to keep my PCF account

  • Last Updated:
  • Jun 9th, 2012 9:31 pm
Member
Apr 29, 2006
429 posts
78 upvotes
Toronto

Give me a reason to keep my PCF account

So here's the situation:

I have a PCF account, ex-employee.
Opened LOC with CIBC, employee discount.
Also have a Thrive account.
Plus accounts and LOC with TD.

I've been considering closing off my PCF account but have been hesitating in case my situation changes.

Is there any benefit to keeping my PCF account that I'm missing?
Seems I've got everything covered from unlimited cheques and transactions with an LOC plus I don't like PC points so I don't believe there's a downside to closing out the account.

But maybe I'm overlooking something thinking about this too much. Let me know what you guys think.
24 replies
Deal Addict
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Sep 10, 2007
3393 posts
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Cowtown
Reason to kepp it = It's free, ie doesn't cost you anything to have/keep it. Why close?

I have almost everything that you've mentioned but I'm keeping my pc account because I dont see any harm in that.

You give me a reason to close it?
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Deal Fanatic
Sep 23, 2007
5654 posts
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Since it's free, you should leave it as it does no harm. Closing it takes time. Also, there's a chance that PCF offers better products in the future. Or that other banks' products are no longer free. When that happens, you don't want to have to sign up again.
Deal Fanatic
Mar 19, 2006
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Toronto
Same here as I migrated over to TD but I still kept a few hundred in PFC just cuz lol
Member
Sep 23, 2011
200 posts
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As you already have a ING Thrive Chequing account, you don't need that PCF account.
Sr. Member
Feb 18, 2004
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blu3xtc wrote: I've been considering closing off my PCF account but have been hesitating in case my situation changes.

If the reason you want to close your PCF account is because you want to streamline things and don't want any "loose ends", then by all means close it. If you need it in the future you can just go open a new one up.
Deal Addict
Jan 3, 2009
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If you have open accounts, it means you have one more thing to keep track of to make sure nothing wonky is happening.
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Aug 7, 2010
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Though I do all my banking with ING, I still keep PCF to overcome the ING limitation of external accounts you can link to. PCF is like a hub thru which I link ING to infrequently used accounts such as competitive credit union TSFA, etc.
Deal Addict
Dec 26, 2009
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blu3xtc wrote: So here's the situation:

I have a PCF account, ex-employee.
Opened LOC with CIBC, employee discount.
Also have a Thrive account.
Plus accounts and LOC with TD.

To me, the main advantages of PCF are free cheques and use of CIBC machines. Since you already have a CIBC LOC (and presumably free cheques), I don't see any reason to keep PCF. With that said, I don't see any benefit in closing it (why not leave $0.01 in each account?). That's what I've done with my ING Direct account since I have no use for it right now.
Deal Addict
Nov 18, 2008
3271 posts
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If you have a CIBC LOC, then the PCF account is pretty much redundant considering you have an ING account which can be used to move money around from bank to bank.

I'd close it, it's one less thing to keep track of, and one less place where fraud or something wrong can happen. I've whittled down having accounts with something like 12 banks to just 3 (Ally, HSBC and Scotia) and haven't regretted it for a minute.
Newbie
Oct 10, 2011
8 posts
1 upvote
CALGARY
sorry to completely derail the thread but does anyone here know how long it takes to order PC financial cheques after you order them through their phone services? I can't seem to find it online, and it's near impossible to speak to a rep through their call line. :o

Personally I use PC financial because as a student you can get unlimited transactions and it's free
Deal Fanatic
Nov 11, 2008
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shoyruken wrote: sorry to completely derail the thread but does anyone here know how long it takes to order PC financial cheques after you order them through their phone services? I can't seem to find it online, and it's near impossible to speak to a rep through their call line. :o

Personally I use PC financial because as a student you can get unlimited transactions and it's free

Takes about 10 business days in my experience. Cheques came from pickering ontario if i remember correctly (for me at least)
Member
Feb 19, 2007
248 posts
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shoyruken wrote: sorry to completely derail the thread but does anyone here know how long it takes to order PC financial cheques after you order them through their phone services? I can't seem to find it online, and it's near impossible to speak to a rep through their call line. :o

Personally I use PC financial because as a student you can get unlimited transactions and it's free

Log in at PCF, then you can request cheques under "special request". Takes about 10 days to be mailed to the address on record.
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Jan 2, 2012
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blu3xtc wrote: Opened LOC with CIBC, employee discount.

Do you get a debit card for the CIBC LOC that you can use at any CIBC ATM with no fees??

That would be the only reason I would give for keeping the PCF acct open. Put say $100 in it, and just in case you need some cash and the only close ATM around is a CIBC one, you can use it free of charge. But if the CIBC LOC gives you the same free access... then really there's no point for the PCF one.

As others mentioned theres no reason to close it. It doesnt affect your credit score, and there are no inactivity fees. If you don't want it, just stop using it. More of a hassle and effort talking to the CSRs to actually close it out.
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Feb 25, 2009
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rob444 wrote: As others mentioned theres no reason to close it. It doesnt affect your credit score, and there are no inactivity fees. If you don't want it, just stop using it. More of a hassle and effort talking to the CSRs to actually close it out.
Actually there is a $20 inactivity fee after 2 years
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Feb 25, 2009
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tng11 wrote: if you have a cibc loc, then the pcf account is pretty much redundant.
qft
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Jan 2, 2012
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Milfman wrote: Actually there is a $20 inactivity fee after 2 years

Interesting... never knew that. Guess it's not too difficult to do at least 1 transfer or ATM withdrawl every 2 years though!
Deal Addict
Feb 24, 2007
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Milfman wrote: Actually there is a $20 inactivity fee after 2 years

Easily avoidable, open a savings account and setup a pre-authorized debit at some future date for 1 penny for both accounts, and set for x amount times, I think you can have up to 100 years. Voila, your account stays active because of the penny transaction that is cycled between your savings and chequing account each year, you'll be dead before the transfers end.
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Dec 17, 2007
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halflife150 wrote: Actually there is one good reason to keep PCF as main account even if got CIBC LOC, better ATM access. If you shop at a PC branded grocery store, then you know for sure that at least once a week you will be right beside a PCF ATM. You don't have to make any unnecessary out of the way trips for withdrawal/deposits. Just bank when you buy groceries. You only need to make unnecessary trips for the rare times you need teller service. If you don't shop at a PC branded grocery store, then probably no benefits in PCF, but since free, no loss in keeping it either.



Easily avoidable, open a savings account and setup a pre-authorized debit at some future date for 1 penny for both accounts, and set for x amount times, I think you can have up to 100 years. Voila, your account stays active because of the penny transaction that is cycled between your savings and chequing account each year, you'll be dead before the transfers end.

I know you can use a CIBC ATM w/ no fees with your PCF debit card, but does it work vice-versa? Could the OP withdraw cash out of his LoC from an ATM at a PC grocery store?

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